主打服务器 PCB，但市占率还很低，广合科技：业绩有改善， 但上下游"夹心饼干"缺议价能力 导语：Al 服务器占比不高。 作者：市值风云 App: 塔山 受 Al 技术推动，2024年以来，全球 PCB 市场出现回暖迹象。 经历了一年多的市场低迷期后,2024年随着产品去库化,以及人工智能、XR、消费电子等下 游需求的回暖,Prismark 预测 2024年全球电子行业市场产值将达到 2.55万亿美金。其中,AI 服务器和网络基础设施领域因强劲的市场需求而表现卓越:同时,2024年被认为是 AI PC,AI 手 机元年,消费电子市场在与 AI 技术融合的大背景下,迎来了新的增长机遇。从PCB 行业来看,2024 年第一季度全球 PCB 产值同比基本保持稳定,结束了之前连续下降的趋势,标志着行业转折点的 到来,Q2预计同比增长4.6%,全年增速预计达到5%。 (来源：生益科技 2024 半年报) 从产值来看，多层板为最主要的产品类别，2023 年多层板产值达 265.35 亿美元，占 总产值的 38.2%。Prismark 预测，未来 18+多层板、HDI、封装基板将维持较高增速。 | --- | --- | ...

证券研究报告 PCB 广合科技（001389.SZ） 增持-A(维持) 市场订单增加以及销售结构优化驱动公司业绩快速增长 | --- | --- | --- | |--------------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司上市以来股价表现 | | 事件描述 公司发布 三季报， 前三季度公司实现营业收入 亿元， | | | | 2024 2024 26.81 | | | | 同比增长 36.69% ；实现归母净利润 4.92 亿元，同比增长 69.92% ；实现扣非 归母净利润 4.80 亿元，同比增长 51.34% ；实现基本每股收益 1.20 元，同比 增长 57.89% 。 事件点评 | | | | 2024 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance [5] Core Views - The company is the leading domestic server PCB supplier in China, with server products accounting for nearly 70% of its revenue [3] - The company's revenue and net profit grew by 45.50% and 102.42% YoY in H1 2024, respectively, driven by the rapid development of AI and other technologies [3] - The company's gross margin and net margin improved to 34.34% and 18.73% in H1 2024, reflecting enhanced profitability [3] - The company's Thailand factory is expected to start production by the end of 2024, with an estimated annual sales of 2 billion yuan upon full capacity [5] Company Overview - The company specializes in the R&D, production, and sales of server PCBs, ranking first among domestic PCB companies in China [14] - The company's products are widely used in data centers, cloud computing, industrial internet, AI, 5G communications, automotive electronics, and other fields [14] - The company has established long-term partnerships with well-known domestic and international clients, including Dell, Inspur, and Foxconn [14] Industry Trends - The server/data storage and automotive sectors are expected to be the fastest-growing areas in the PCB industry, with CAGRs of 6.5% and 4.8% from 2022 to 2027, respectively [44] - The global AI server and AI server PCB markets are projected to grow from $4 billion and $1 billion in 2024 to $19.4 billion and $4.85 billion in 2030, respectively, with a CAGR of 30.10% [47] - The company is well-positioned to benefit from the AI-driven growth in server PCB demand, given its strong market position and technological capabilities [47] Competitive Advantages - The company has a deep understanding of server PCB design complexity and performance stability, enabling it to meet high-performance and high-reliability requirements [55] - The company has a comprehensive, flexible, and efficient R&D system, allowing it to provide customized products and rapid response services to clients [56] - The company has a strong cost control management system, ensuring its competitiveness in the highly competitive PCB industry [60] Financial Projections - The company's revenue is expected to grow from 3.611 billion yuan in 2024 to 5.903 billion yuan in 2026, with a CAGR of 17.0% [5] - The company's net profit is projected to increase from 677 million yuan in 2024 to 1.042 billion yuan in 2026, with a CAGR of 22.1% [5] - The company's EPS is forecasted to rise from 1.60 yuan in 2024 to 2.47 yuan in 2026, with a P/E ratio of 21.5X, 17.0X, and 14.0X, respectively [5]